Net Leased Detroit MSA Firestone Sale Arranged Date March 9, 2022
The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Firestone located at 25 Indianwood Road in Lake Orion, Michigan for $4,135,048.
The 6,116 square foot net leased Detroit MSA building is positioned near the corner of Indianwood Road and North Lapeer Road (58,600 VPD), also known as M-24 which drives a large portion of traffic through Lake Orion. Tenants in the immediate area include Kroger, Walgreens, Ace Hardware, Buffalo Wild Wings, Jersey Mike’s Subs, and several others. There are 61,622 people living within five miles of the property earning an average annual income of $126,188. The property is less than one mile from Lake Orion, the 506 -acre body of water that the village is based around.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller who was a Midwest based real estate developer. The buyer was a southeast based private real estate investor.
Firestone is an American tire company founded by Harvey Firestone in 1900. Bridgestone is an investment grade rated tenant – rated “A” by Standard and Poor’s. BSRO is headquartered in Nashville, TN, and operates the largest network of company-owned automotive service providers in the world. There are nearly 2,200 tire and vehicle service centers across the United States (Firestone Complete Auto Care, Tires Plus and Wheelworks).
“Investor continue to search for e-commerce resistant tenants like Firestone” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Net lease automotive properties continue to trade regularly through the first quarter of 2022.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2021, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.comBack